NICE Recognizes Industry-Leading CXone Application Partners at Fourth Annual DEVone Partner Conference

NICE Recognizes Industry-Leading CXone Application Partners at Fourth Annual DEVone Partner Conference

Awards highlight innovative applications designed to create a fluent digital customer experience

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (Nasdaq: NICE), today announced its 2021 DEVone Partner Award winners, who were recognized at the fourth annual NICE DEVone Partner Conference. More than 80 partners and NICE employees attended this virtual event where executives shared new DEVone program initiatives and the product roadmap for NICE CXone, the world’s #1 cloud customer experience platform.

The NICE DEVone Ecosystem is one of the industry’s largest technology partner networks and extends the NICE CXone portfolio through tested, fully integrated applications that utilize more than 400 APIs. The company works closely with its DEVone partners to ensure a deep understanding of joint customers’ needs in order to provide the next-gen tools necessary for seamless customer experiences.

This year’s DEVone Partner Award winners demonstrated innovative and collaborative integrations with NICE CXone that enhance customer experience and deliver better business results. Winners were recognized in the following categories:

  • Impact Award: Textel earned the Impact Award for its significant contributions to promoting the value of NICE CXone and the DEVone Ecosystem to customers and prospects. A cloud-based business texting solution, Textel’s integration into NICE CXone’s console enables users to connect directly with enterprise-grade conversational texting.
  • Rising Star Award: Lucency Technologies, which joined the program earlier this year, was recognized for its commitment to both customer engagement and business growth through active collaboration with NICE CXone. Lucency, an advanced customer context platform, enables the real-time transfer of a customer’s active website data (context) to CXone, empowering agents to understand and anticipate the customer’s exact needs for better experience.
  • Connection Award: Surfly and SpiceCSM earned this award as the top two partners who connected their technology to the most NICE CXone customers in the last year. Through their seamless and flexible integrations, both these partners accelerated deployment and added true customer value. Surfly’s co-browsing and remote collaboration technology enables agents to better connect with customers and humanize their interactions, providing a smooth and fast experience. SpiceCSM makes it easy for customers to best utilize existing infrastructure by enabling them to create integrated digital ecosystems that connect disparate systems, people, and processes.
  • Innovator Award: Customer Dynamics was recognized for its new, innovative solutions that leverage the power of CXone to help customers move their business forward, achieve new goals, and provide exceptional CX. This DEVone partner provides customers the tools to consistently deliver exceptional, personalized customer interactions by empowering live agents.

NICE CXone stays ahead of evolving and everchanging customer expectations through its digital-first approach, so that contact centers can meet customers where they are, with fast, real-time resolution.

“Every contact center has its own individual needs, and NICE CXone offers more than 400 APIs that help solve unique business challenges, so CXone customers can provide innovative and meaningful omnichannel experiences,” said Paul Jarman, CEO of NICE CXone. “As one of the technology industry’s largest partner communities, we’re proud to present these awards to DEVone partners who showcase the best of NICE CXone and deliver solutions that help customers achieve their customer service goals.”

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Paul Jarman, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Corporate Media Contact

Christopher Irwin-Dudek, +1 201 561 4442, ET, [email protected]

Investors

Marty Cohen, +1 551 256 5354, ET, [email protected]

Omri Arens, +972 3 763 0127, CET, [email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Data Management Technology Mobile/Wireless Software Networks Internet

MEDIA:

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eGain to Participate in The Benchmark Company Discovery One-On-One Virtual Investor Conference on December 2, 2021

SUNNYVALE, Calif., Nov. 23, 2021 (GLOBE NEWSWIRE) — eGain (NASDAQ: EGAN), the leading provider of omnichannel customer engagement solutions, today announced it will be participating in the Benchmark Company Discovery One-on-One Virtual Investor Conference on Thursday, December 2, 2021.

Event: Benchmark Company Discovery One-on-One Virtual Investor Conference
Date: Thursday, December 2, 2021
Time: 8:00 a.m. – 4:30 p.m. Eastern Time
Available for One-on-One Meetings

To schedule a one-on-one meeting or for more information, please contact the Benchmark Company conference coordinators at [email protected] or eGain’s investor relations firm, MKR Investor Relations, at [email protected].

About The Benchmark Company Discovery Conference

The Annual Benchmark Company Discovery Conference is hosted by The Benchmark Company, a boutique investment banking firm headquartered in New York, with regional offices across the country. Benchmark provides Research, Sales, Trading, and Investment Banking services to public and private companies, institutional and high net worth investors, and family offices. The conference is regularly attended by more than 150 institutional investors and will feature approximately 50 presenting companies.

About eGain 

Our knowledge-powered customer engagement software automates digital-first, omnichannel experiences for global brands. Infused with AI and analytics, eGain’s top-rated cloud platform enables effortless customer journeys with virtual assistance, customer self-service, and modern agent tools. To learn more, visit www.eGain.com

eGain, the eGain logo, and all other eGain product names and slogans are trademarks or registered trademarks of eGain Corp. in the United States and/or other countries. All other company names and products mentioned in this release may be trademarks or registered trademarks of the respective companies.

MKR Investor Relations

Todd Kehrli or Jim Byers
Phone: 323-468-2300
Email: [email protected]



Ares Management Leads $400 Million Credit Facility to CrossCountry Mortgage

Ares Management Leads $400 Million Credit Facility to CrossCountry Mortgage

LOS ANGELES–(BUSINESS WIRE)–
Ares Management Corporation (NYSE: ARES) (“Ares”) today announced that funds managed by its Alternative Credit and U.S. Direct Lending strategies led the arrangement and funding of a $400 million loan facility for CrossCountry Mortgage, LLC (the “Company”). Caisse de dépôt et placement du Québec (“CDPQ”), a global investment group, also participated in the financing through a wholly owned subsidiary as part of its Capital Solutions investment strategy.

Founded in 2003 and based in Ohio, CrossCountry Mortgage is a leading independent retail mortgage lender operating across the U.S. The Company is licensed in all 50 states and leverages a scaled network operating in more than 600 locations with over 1,700 loan officers to efficiently originate loans in the retail and consumer direct channels. Since 2012, CrossCountry Mortgage has been approved by government-sponsored enterprises as a seller/servicer and maintains a wide portfolio of mortgage‑based solutions, including home purchase, refinance and home equity products.

“As CrossCountry Mortgage continues to execute its organic and inorganic growth strategy, we believe the Company is well-positioned to benefit from its favorable purchase-focused origination volumes, a scaled retail platform, attractive industry demographics and supply tailwinds and strong free cash flow dynamics,” said Kevin Alexander, Partner in Ares’ Credit Group. “We look forward to working with the Company’s management team to capitalize on the significant opportunities ahead.”

“This transaction is another example of how we collaborate across the Ares platform, creatively combining our teams’ alternative credit investing experience in the residential mortgage sector and disciplined corporate underwriting to deliver scaled and flexible capital solutions to leading companies like CrossCountry Mortgage,” said Scott Rosen, Managing Director in Ares’ Credit Group.

“As one of the fastest growing non-bank originators and servicers of residential mortgages, CrossCountry Mortgage is well positioned to continue its trajectory in American housing. Alongside our longstanding partner Ares, we draw on the combined strengths of our teams to offer flexible credit financing tailored to the company’s needs—a result which offers attractive risk-adjusted returns for our clients, a core element sought by our Capital Solutions strategy,” said Martin Laguerre, Executive Vice‑President and Head of Private Equity and Capital Solutions, CDPQ.

“We appreciate the support of Ares and CDPQ and believe this financing positions CrossCountry Mortgage for accelerated growth as we continue to expand our platform, geographical footprint and residential mortgage offering,” said Ron Leonhardt, Jr., Founder and CEO of CrossCountry Mortgage. “We have invested nearly two decades building a trusted brand that is founded on our commitment to support homebuyers and homeowners with exceptional service, insights and transparency. We are excited to work with our partners as we continue to meet our customers’ needs and advance our long-term goals.”

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation’s global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About CDPQ

At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021, CDPQ’s net assets totalled CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

About CrossCountry Mortgage

CrossCountry Mortgage, LLC is a top 5 independent retail mortgage lender in America, founded in 2003 by CEO Ronald J. Leonhardt, Jr. The company has more than 7,000 employees and licensed in all 50 states. A direct lender and approved seller and servicer by Freddie Mac, Fannie Mae and Ginnie Mae, CCM offers a broad portfolio of home purchase and refinance programs ranging from conventional and jumbo mortgages to government-insured programs for Veterans and rural homebuyers. Additional options include down payment assistance, home equity products, and expedited closing programs. CrossCountry Mortgage is on the Inc. 5000 List of America’s Fastest-Growing Private Companies and a recipient of several other local and national awards for sales and growth. For more information, please visit crosscountrymortgage.com.

Ares Management Corporation

Brunswick Group

Jonathan Doorley / Alex Yankus

+1 212-333-3810

[email protected]

Ares Management Corporation

Carl Drake

+1 888-818-5298

[email protected]

or

Jacob Silber

+1 212-301-0376

[email protected]

CDPQ

+1 514 847-5493

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Other Professional Services Other Construction & Property Residential Building & Real Estate Construction & Property REIT

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Synchronoss to Present at the Benchmark Company Discovery One-on-One Virtual Investor Conference on December 2, 2021

BRIDGEWATER, N.J., Nov. 23, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (NASDAQ: SNCR), a global leader and innovator in cloud, messaging, and digital solutions, today announced it will be presenting at the Benchmark Company Discovery One-on-One Virtual Investor Conference on Thursday, December 2, 2021.

Event: Benchmark Company Discovery One-on-One Virtual Investor Conference
Date: Thursday, December 2, 2021
Time: 8:00 a.m. – 4:30 p.m. Eastern Time
Available for One-on-One Meetings

To schedule a one-on-one meeting or for more information, please contact the Benchmark Company conference coordinators at [email protected] or Synchronoss’ investor relations firm, MKR Investor Relations, at [email protected].

About The Benchmark Company Discovery Conference

The Annual Benchmark Company Discovery Conference is hosted by The Benchmark Company, a boutique investment banking firm headquartered in New York, with regional offices across the country. Benchmark provides Research, Sales, Trading, and Investment Banking services to public and private companies, institutional and high net worth investors, and family offices. The conference is regularly attended by more than 150 institutional investors and will feature approximately 50 presenting companies.

About Synchronoss Technologies, Inc.

Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services and content they love. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com.

Contact:

Investors:
Todd Kehrli or Joo-Hun Kim
MKR Investor Relations
623-745-4046



SpringWorks Therapeutics to Participate in the 4th Annual Evercore ISI HealthCONx Conference

STAMFORD, Conn., Nov. 23, 2021 (GLOBE NEWSWIRE) — SpringWorks Therapeutics, Inc. (Nasdaq: SWTX), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today announced that management will participate in a Fireside Chat at the 4th Annual Evercore ISI HealthCONx Conference, taking place virtually on Tuesday, November 30, 2021, at 3:30 pm ET.

A video webcast will be available on the Events & Presentations page within the Investors & Media section of the company’s website at https://ir.springworkstx.com. A replay of the webcast will be available on SpringWorks’ website for a limited time following the conference.

About SpringWorks Therapeutics

SpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for patients living with severe rare diseases and cancer. SpringWorks has a differentiated targeted oncology portfolio of small molecule product candidates and is advancing 16 development programs, including two potentially registrational clinical trials in rare tumor types as well as several programs addressing highly prevalent, genetically defined cancers. SpringWorks’ strategic approach and operational excellence in clinical development have enabled it to rapidly advance its two lead product candidates into late-stage clinical trials while simultaneously entering into multiple shared-value partnerships with innovators in industry and academia to expand its portfolio and create more solutions for patients with cancer. For more information, visit http://www.springworkstx.com and follow @SpringWorksTx on Twitter and LinkedIn.

SpringWorks Contact:

Kim Diamond
Vice President, Communications and Investor Relations
Phone: (203) 561-1646
Email: [email protected]



American Woodmark Corporation Announces Second Quarter Results

American Woodmark Corporation Announces Second Quarter Results

WINCHESTER, Va.–(BUSINESS WIRE)–
American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced results for its second quarter of fiscal 2022 which ended October 31, 2021.

Net sales for the second quarter of fiscal 2022 increased $4.6 million, or 1.0%, to $453.2 million compared with the same quarter of the prior fiscal year. The Company experienced growth in the new construction sales channel during the second quarter of fiscal 2022 versus the prior year period as market demand continued at a strong pace. Net sales for the first six months of the current fiscal year increased 6.8% to $895.7 million from the comparable period of the prior fiscal year.

Net income was $2.0 million ($0.12 per diluted share) for the second quarter of fiscal 2022 compared with $23.1 million ($1.36 per diluted share) in the same quarter of the prior fiscal year. Net income for the second quarter of fiscal 2022 decreased $21.1 million due to the continued expansion of inflationary pressures outpacing our pricing actions taken across all our channels. Prior pricing actions have begun to partially offset the macro level inflationary impacts. Given the inherent lag in the realization of these pricing actions which in some cases can take up to six months or more, the current quarter inflation impacts could not be fully offset. Net income for the first six months of the current fiscal year was $5.0 million ($0.30 per diluted share) compared with $39.2 million ($2.30 per diluted share) for the same period of the prior fiscal year. Net income margin was 0.4% for the second quarter of fiscal 2022 compared to 5.2% for the same period in the prior fiscal year and 0.6% for the first six months of the current fiscal year compared with 4.7% for the same period of the prior fiscal year. Adjusted EPS per diluted share was $0.62 for the second quarter of fiscal 2022 compared with $2.02 in the same quarter of the prior fiscal year and $1.32 for the first six months of the current fiscal year compared with $3.65 for the same period of the prior fiscal year.

Adjusted EBITDA for the second quarter of fiscal 2022 decreased $35.3 million, or 53.4%, to $30.8 million, or 6.8% of net sales, compared to $66.1 million, or 14.7% of net sales, for the same quarter of the prior fiscal year. Adjusted EBITDA for the first six months of fiscal 2022 decreased $59.6 million, or 48.7%, to $62.9 million, or 7.0% of net sales, compared to $122.5 million, or 14.6% of net sales, for the same period of the prior fiscal year.

“Sales growth remained strong in our new construction channel with remodel sales slowing due to the timing of winter promotional product shipments and prior year restocking efforts. Our current quarter adjusted EBITDA margins of 6.8% were below expectations as sales were suppressed due to ongoing labor and supply chain challenges, primarily particle board. Our current quarter results include approximately $14 million of pricing impact that we realized in the second quarter of fiscal 2022. We have also completed an additional set of pricing actions due to ongoing inflationary pressures. Assuming our current sales level, we expect the impact of confirmed pricing actions to increase in the fourth fiscal quarter of 2022 by an additional $36 million versus the second quarter’s realized pricing actions, to over $50 million per quarter,” said Scott Culbreth, President and CEO. “Supply chain, labor, and logistics challenges remain, as well as increased costs associated with those challenges, but we expect retention efforts to continue improving our staffing levels which will result in incremental production capacity to reduce our backlog. We remain excited about the long-term potential for the business and expect Adjusted EBITDA margins to improve as price realization better matches inflationary impacts and we improve productivity and increase production levels.”

Cash used by operating activities for the first six months was $(10.2) million and free cash flow totaled $(37.3) million. Cash flows were negatively impacted by lower net income, higher inventory levels, timing of accounts payable, and lower accrued compensation expenses. As of October 31, 2021, the Company had $8.0 million of cash on hand with no term loan debt maturities until July 2023 plus access to $233.0 million of additional availability under its revolving facility. The Company paid down a net of $19.7 million of its debt and repurchased shares valued at $25.0 million during the first six months of the current fiscal year.

Effective May 1, 2021, the Company changed its accounting method for inventory costing for inventories which previously utilized a last-in, first-out (“LIFO”) basis to a first-in, first-out (“FIFO”) basis. All prior periods presented have been retrospectively adjusted to apply the effects of the change.

About Us

American Woodmark celebrates the creativity in all of us. With over 10,000 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

Use of Non-GAAP Financial Measures

We have presented certain financial measures in this press release which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are provided below following the financial highlights under the heading “Non-GAAP Financial Measures.”

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

(AMWD-ER)

AMERICAN WOODMARK CORPORATION

 

 

 

 

 

 

 

 

 

Unaudited Financial Highlights

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

Operating Results

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

Net sales

 

$

453,163

 

 

$

448,583

 

 

$

895,744

 

 

$

838,670

 

Cost of sales & distribution

 

401,469

 

 

357,911

 

 

790,607

 

 

668,431

 

Gross profit

 

51,694

 

 

90,672

 

 

105,137

 

 

170,239

 

Sales & marketing expense

 

21,568

 

 

21,608

 

 

44,555

 

 

41,506

 

General & administrative expense

 

24,596

 

 

30,229

 

 

48,283

 

 

60,212

 

Restructuring charges, net

 

(3

)

 

2,791

 

 

310

 

 

6,251

 

Operating income

 

5,533

 

 

36,044

 

 

11,989

 

 

62,270

 

Interest expense, net

 

2,360

 

 

5,981

 

 

4,533

 

 

12,011

 

Other (income) expense, net

 

863

 

 

(981

)

 

936

 

 

(2,669

)

Income tax expense

 

280

 

 

7,922

 

 

1,509

 

 

13,747

 

Net income

 

$

2,030

 

 

$

23,122

 

 

$

5,011

 

 

$

39,181

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

16,605,911

 

 

17,047,296

 

 

16,662,791

 

 

17,036,652

 

 

 

 

 

 

 

 

 

 

Net income per diluted share

 

$

0.12

 

 

$

1.36

 

 

$

0.30

 

 

$

2.30

 

Condensed Consolidated Balance Sheet

(Unaudited)

 

 

October 31,

 

April 30,

 

 

2021

 

2021

 

 

 

 

 

Cash & cash equivalents

 

$

8,007

 

 

$

91,071

 

Customer receivables

 

149,191

 

 

146,866

 

Inventories

 

190,998

 

 

158,167

 

Income taxes receivable

 

5,109

 

 

 

Other current assets

 

18,403

 

 

13,861

 

Total current assets

 

371,708

 

 

409,965

 

Property, plant and equipment, net

 

208,696

 

 

204,002

 

Operating lease assets, net

 

118,283

 

 

123,118

 

Customer relationship intangibles, net

 

98,944

 

 

121,778

 

Goodwill

 

767,612

 

 

767,612

 

Other assets

 

30,496

 

 

27,924

 

Total assets

 

$

1,595,739

 

 

$

1,654,399

 

 

 

 

 

 

Current portion – long-term debt

 

$

2,160

 

 

$

8,322

 

Short-term operating lease liabilities

 

21,538

 

 

19,994

 

Accounts payable & accrued expenses

 

171,436

 

 

192,131

 

Total current liabilities

 

195,134

 

 

220,447

 

Long-term debt

 

501,434

 

 

513,450

 

Deferred income taxes

 

40,641

 

 

42,891

 

Long-term operating lease liabilities

 

104,433

 

 

109,628

 

Other liabilities

 

10,958

 

 

11,745

 

Total liabilities

 

852,600

 

 

898,161

 

Stockholders’ equity

 

743,139

 

 

756,238

 

Total liabilities & stockholders’ equity

 

$

1,595,739

 

 

$

1,654,399

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Six Months Ended

 

 

October 31,

 

 

2021

 

2020

 

 

 

 

 

Net cash (used) provided by operating activities

 

$

(10,176

)

 

$

76,568

 

Net cash used by investing activities

 

(27,098

)

 

(18,930

)

Net cash used by financing activities

 

(45,790

)

 

(42,137

)

Net (decrease) increase in cash and cash equivalents

 

(83,064

)

 

15,501

 

Cash and cash equivalents, beginning of period

 

91,071

 

 

97,059

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

8,007

 

 

$

112,560

 

Non-GAAP Financial Measures

We have reported our financial results in accordance with generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below.

Management believes all of these non-GAAP financial measures provide an additional means of analyzing the current period’s results against the corresponding prior period’s results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

We use EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance.

We define Adjusted EBITDA as net income adjusted to exclude (1) income tax expense, (2) interest expense, net, (3) depreciation and amortization expense, (4) amortization of customer relationship intangibles and trademarks, (5) expenses related to the acquisition of RSI Home Products, Inc. (“RSI acquisition”) and the subsequent restructuring charges that the Company incurred related to the acquisition, (6) non-recurring restructuring charges, (7) stock-based compensation expense, (8) gain/loss on asset disposals, (9) change in fair value of foreign exchange forward contracts, and (10) net gain/loss on debt forgiveness and modification. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business.

We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.

Adjusted EPS per diluted share

We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes that this measure provides useful information to investors by offering additional ways of viewing the Company’s results by providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the RSI acquisition, (2) non-recurring restructuring charges, (3) the amortization of customer relationship intangibles and trademarks, (4) net loss on debt forgiveness and modification, and (5) the tax benefit of RSI acquisition expenses and subsequent restructuring charges, the net gain on debt forgiveness and modification and the amortization of customer relationship intangibles and trademarks. The amortization of intangible assets is driven by the RSI acquisition and will recur in future periods. Management has determined that excluding amortization of intangible assets from our definition of Adjusted EPS per diluted share will better help it evaluate the performance of our business and profitability and we have also received similar feedback from some of our investors.

Free cash flow

To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations.

Net leverage

Net leverage is a performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

We define net leverage as net debt (total debt less cash and cash equivalents) divided by the trailing 12 months Adjusted EBITDA.

A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables:

Reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

(in thousands)

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

2,030

 

 

$

23,122

 

 

$

5,011

 

 

$

39,181

 

Add back:

 

 

 

 

 

 

 

 

Income tax expense

 

280

 

 

7,922

 

 

1,509

 

 

13,747

 

Interest expense, net

 

2,360

 

 

5,981

 

 

4,533

 

 

12,011

 

Depreciation and amortization expense

 

12,921

 

 

13,019

 

 

25,946

 

 

25,978

 

Amortization of customer relationship intangibles and trademarks

 

11,417

 

 

12,250

 

 

22,834

 

 

24,500

 

EBITDA (Non-GAAP)

 

$

29,008

 

 

$

62,294

 

 

$

59,833

 

 

$

115,417

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses (1)

 

20

 

 

61

 

 

40

 

 

121

 

Non-recurring restructuring charges, net (2)

 

(3

)

 

2,791

 

 

310

 

 

6,251

 

Change in fair value of foreign exchange forward contracts (3)

 

520

 

 

(566

)

 

170

 

 

(1,821

)

Stock-based compensation expense

 

1,216

 

 

1,266

 

 

2,393

 

 

2,227

 

Loss on asset disposal

 

36

 

 

286

 

 

151

 

 

332

 

Adjusted EBITDA (Non-GAAP)

 

$

30,797

 

 

$

66,132

 

 

$

62,897

 

 

$

122,527

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

453,163

 

 

$

448,583

 

 

$

895,744

 

 

$

838,670

 

Net income margin (GAAP)

 

0.4

%

 

5.2

%

 

0.6

%

 

4.7

%

Adjusted EBITDA margin (Non-GAAP)

 

6.8

%

 

14.7

%

 

7.0

%

 

14.6

%

(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the permanent layoffs due to COVID-19 and the closure of the manufacturing plant in Humboldt, Tennessee. The three- and six-months ended October 31, 2020 includes accelerated depreciation expense of $0.2 million and $1.3 million, respectively, related to Humboldt.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

Reconciliation of Net Income to Adjusted Net Income

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

October 31,

 

October 31,

(in thousands, except share data)

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

2,030

 

 

$

23,122

 

 

$

5,011

 

 

$

39,181

 

Add back:

 

 

 

 

 

 

 

 

Acquisition and restructuring related expenses

 

20

 

 

61

 

 

40

 

 

121

 

Non-recurring restructuring charges, net

 

(3

)

 

2,791

 

 

310

 

 

6,251

 

Amortization of customer relationship intangibles and trademarks

 

11,417

 

 

12,250

 

 

22,834

 

 

24,500

 

Tax benefit of add backs

 

(3,100

)

 

(3,850

)

 

(6,167

)

 

(7,903

)

Adjusted net income (Non-GAAP)

 

$

10,364

 

 

$

34,374

 

 

$

22,028

 

 

$

62,150

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares

 

16,605,911

 

 

17,047,296

 

 

16,662,791

 

 

17,036,652

 

EPS per diluted share (GAAP)

 

$

0.12

 

 

$

1.36

 

 

$

0.30

 

 

$

2.30

 

Adjusted EPS per diluted share (Non-GAAP)

 

$

0.62

 

 

$

2.02

 

 

$

1.32

 

 

$

3.65

 

Free Cash Flow

 

 

 

 

 

Six Months Ended

 

 

October 31,

 

 

2021

 

2020

 

 

 

 

 

Cash (used) provided by operating activities

 

$

(10,176

)

 

$

76,568

 

Less: Capital expenditures (1)

 

27,103

 

 

19,124

 

Free cash flow

 

$

(37,279

)

 

$

57,444

 

(1) Capital expenditures consist of cash payments for property, plant and equipment and cash payments for investments in displays.

Net Leverage

 

 

 

 

 

Twelve Months

Ended

 

 

October 31,

(in thousands)

 

2021

 

 

 

Net income (GAAP)

 

$

25,033

 

Add back:

 

 

Income tax expense

 

6,584

 

Interest expense, net

 

15,650

 

Depreciation and amortization expense

 

51,068

 

Amortization of customer relationship intangibles and trademarks

 

46,223

 

EBITDA (Non-GAAP)

 

$

144,558

 

Add back:

 

 

Acquisition and restructuring related expenses (1)

 

93

 

Non-recurring restructuring charges, net (2)

 

(92

)

Change in fair value of foreign exchange forward contracts (3)

 

888

 

Stock-based compensation expense

 

4,764

 

Loss on asset disposal

 

203

 

Net loss on debt forgiveness and modification

 

13,792

 

Adjusted EBITDA (Non-GAAP)

 

$

164,206

 

 

 

 

 

 

As of

 

 

October 31,

 

 

2021

Current maturities of long-term debt

 

$

2,160

 

Long-term debt, less current maturities

 

501,434

 

Total debt

 

503,594

 

Less: cash and cash equivalents

 

(8,007

)

Net debt

 

$

495,587

 

 

 

 

Net leverage (4)

 

3.02

 

(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition.

(2) Non-recurring restructuring charges are comprised of expenses incurred related to the permanent layoffs due to COVID-19 and the closure of the manufacturing plant in Humboldt, Tennessee.

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the operating results.

(4) Net debt divided by Adjusted EBITDA for the twelve months ended October 31, 2021.

Kevin Dunnigan

Treasury Director

540-665-9100

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Home Goods Construction & Property Other Manufacturing Other Construction & Property Interior Design Manufacturing Retail Residential Building & Real Estate

MEDIA:

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FREYR Joins Fair Cobalt Alliance

FREYR Joins Fair Cobalt Alliance

NEW YORK & OSLO, Norway & LUXEMBOURG–(BUSINESS WIRE)–
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has become a member of the Fair Cobalt Alliance (“FCA”) to underscore FREYR’s commitment to developing a sustainable global battery industry.

The FCA is a multi-stakeholder action platform committed to developing responsible and fair supply of artisanal mined cobalt from the Democratic Republic of Congo, creating and diversifying sustainable livelihoods for surrounding communities. The FCA focuses on economic diversification, improving worker conditions at mine sites and supporting child rights.

“We are undergoing a major energy transition, moving from fossil fuels to battery-powered technology. Cobalt is one of the essential components in battery production and we are focused on sustainable supply of cobalt to support our production of clean, low-cost and low-carbon battery cells for a better planet,” said Tom Einar Jensen, the CEO of FREYR. “This alliance is an important arena for us to drive impact by making investments to empower the people working in the artisanal mines, as well as the communities around them.”

FCA executive director Dr. Assheton Carter said: “We welcome FREYR to the Fair Cobalt Alliance. They join other industry players in recognizing the legitimacy of cobalt from responsible artisanal mining operations and commit to investing in action to make artisanal mines safer, minimize environmental impact and create better working conditions for people working at the mines.”

One of the world’s largest global diversified natural resource companies, Glencore announced its membership of the FCA in 2020. In November, FREYR and Glencore announced a contract for recycled and sustainable supply of cobalt.

FREYR is committed to developing responsible and sustainable supply chains for battery materials. The FREYR Supplier Code of Conduct sets the company’s sustainability expectations to its suppliers.

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities are planned to be in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear, and energized environment. FREYR aims to supply safe, high-energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About the Fair Cobalt Alliance

The Fair Cobalt Alliance (FCA) is a multi-stakeholder action platform launched in August 2020 that brings together actors from across the entire cobalt mineral supply chain to provide an answer to increasing scrutiny on the cobalt artisanal mining (ASM) industry and the DRC mining sector. Its purpose is to assist in the building of a DRC cobalt mining sector that is known to be a responsible partner in providing the minerals needed for a new green economy. This includes mobilizing the resources of the whole supply chain to deliver technical assistance and investment to realize the vision of a formal, fair, and safe ASM cobalt sector. To find out more, visit: https://www.faircobaltalliance.org/

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to utilize a sustainable supply of cobalt to support its production of clean, low-cost and low-carbon battery cells, the development of responsible and sustainable supply chains for battery materials, the move from fossil fuels to battery-powered technology, the development of a sustainable global battery industry and the development of responsible and fair supply of artisanal mined cobalt creating economic diversification and improving worker conditions are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on August 9, 2021, as amended, in FREYR’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 15, 2021, and in other SEC filings available on the SEC’s website at www.sec.gov.

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

[email protected]

Tel: (+1) 281-222-0161

Media contacts:

Katrin Berntsen

Vice President, Communication and Public Affairs

[email protected]

Tel: (+47) 9920 54 570

Helen Embleton

[email protected]

(+44) 7935 056408

KEYWORDS: New York North America United States Europe Norway Luxembourg

INDUSTRY KEYWORDS: Environment Packaging Children Manufacturing Alternative Energy Energy Mining/Minerals Consumer Natural Resources

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Home Chef Advances Personalized Digital Gift Card Platform with GiftNow

PR Newswire

CHICAGO, Nov. 23, 2021 /PRNewswire/ — Home Chef, the leading meal solutions company with both a retail and online presence, announced today a new digital gifting platform integrated with GiftNow, a Synchrony solution (NYSE: SYF). The new platform provides a holistic gift card purchasing experience by enabling shoppers to send personalized e-gift cards and give physical gift cards.

To help celebrate the holidays, special occasions and everyday moments, Home Chef’s GiftNow digital gift card platform features a range of seasonal and evergreen e-gift card designs and includes options to add video messages, photos and personalized notes. With options to send customized e-gift cards by email or text, gifters can schedule gift card delivery instantly or up to three months in advance.

“We’re excited to elevate our digital gifting operations and offer customers more opportunities to personalize and send gift cards,” said Eric Dean, Senior Director of Marketing Partnerships, Home Chef. “By partnering with GiftNow, we have transformed the gifting experience at homechef.com, making it more experiential, customizable and accessible for both gifters and recipients.”

The digital gifting platform also offers customers options to order gift cards for groups and directly mail physical gift cards, including custom greeting messages, to recipients.

“The gift of food is always one that people cherish as the kitchen remains the heart of the home, and Home Chef’s meal kit delivery service is an ideal gift,” said Pari Raccah, general manager, GiftNow, Synchrony. “Making gift cards more seamless and personalized can create Home Chef fans of both the gift giver and the recipient throughout the holidays and beyond.”

GiftNow is an intuitive gift experience management (GXM) platform that manages all facets of gifting operations from gift card enablement to gifting curation and personalized gift delivery. With GiftNow, gifters can send personalized digital gifts and gift cards in seconds via email and text.

Customers can visit www.homechef.com/gift-cards to access Home Chef’s new GiftNow digital gift card experience. Physical gift cards and e-gift cards are available for purchase starting at $25.

To learn more about the Home Chef, follow Home Chef on Facebook and Instagram, or visit www.homechef.com. Find more information about the GiftNow platform by visiting www.giftnow.com.

About Home Chef
Home Chef is the leading meal solutions company with both a retail and online presence. Available from www.homechef.com and in retail at more than 2,200 Kroger grocery stores, Home Chef is committed to inspiring and enabling more people to cook simple, delicious meals, no matter how busy they are. Founded in 2013, Home Chef offers fresh, pre-portioned ingredients and easy to follow recipes delivered weekly and is designed for anyone to be able to cook and everyone to enjoy. The Chicago-based company delivers nationwide. For two years running, Home Chef has been rated #1 in customer satisfaction among leading meal kit companies, according to Market Force Information U.S. Grocery Benchmark Study. Home Chef is a subsidiary of The Kroger Co. (NYSE: KR). Find out more and get cooking at www.homechef.com. Follow us on Twitter, Instagram and Facebook for updates and inspiration.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what’s possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony.

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SOURCE Home Chef

KBR Charity Golf Tournament Raises Over $700,000, Achieves Fundraising Record for Charitable Causes

PR Newswire

HOUSTON, Nov. 23, 2021 /PRNewswire/ — KBR (NYSE: KBR) announced today it raised $710,000 for charity at the company’s fifteenth annual golf tournament — a record in the tournament’s history.

“A central part of our commitment to environmental, social and governance principles is supporting the communities where we live and work through both active social engagement and charitable giving, and the KBR Charity Golf Tournament is a prime example,” said Stuart Bradie, KBR President and CEO. “We’re proud to support organizations and people who are making a real difference, including many COVID-19 frontline workers. I’d like to thank KBR’s young professionals, volunteers and staff for making this year’s tournament a historic success.”

Since 2007, the tournament has raised over $7.4 million for organizations that align with KBR’s vision and values. This year’s recipients are:

  • Houston Fire Department
  • Houston Police Department
  • Buffalo Bayou Partnership
  • Impact a Hero
  • St. Jude Children’s Research Hospital
  • The Chester Pitts Charitable Foundation
  • Galveston Bay Foundation
  • Houston Methodist
  • Memorial Hermann Foundation
  • The PTSD Foundation of America

KBR thanks our suppliers and business partners for their support of this event.

The tournament was held on Thursday, November 18, 2021 at Kingwood Country Club in Kingwood, Texas. For more information about the event, visit charitygolf.kbr.com or search KBR’s social media platforms using #KBRCharityGolf.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com  

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SOURCE KBR, Inc.

Aadi Bioscience Announces FDA Approval of its First Product FYARRO™ for Patients with Locally Advanced Unresectable or Metastatic Malignant Perivascular Epithelioid Cell Tumor (PEComa)

  • FYARRO is the first and only approved therapy for adults for the treatment of malignant PEComa, an ultra-rare and aggressive form of sarcoma with a strong female predominance
  • FYARRO launch planned for Q1 2022;
    Investor call to be held today at 8:30 am ET    

LOS ANGELES, Nov. 23, 2021 (GLOBE NEWSWIRE) — Aadi Bioscience, Inc. (“Aadi”) (Nasdaq: AADI), a biopharmaceutical company focusing on precision therapies for genetically-defined cancers with alterations in mTOR pathway genes, today announced that the U.S. Food and Drug Administration (FDA) has approved FYARRO™ (sirolimus protein-bound particles for injectable suspension) (albumin-bound) for intravenous use for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa). FYARRO is the first and only FDA-approved treatment for advanced malignant PEComa in adults.

Neil Desai, Ph.D., Founder, Chief Executive Officer and President of Aadi, stated, “We are thrilled to have received full FDA-approval of FYARRO. The approval of FYARRO is a momentous event not just for Aadi but, importantly for advanced malignant PEComa patients. We reiterate that all of us at Aadi are incredibly grateful to all of the people with advanced malignant PEComa, their families and caregivers, as well as the healthcare professionals who made the FYARRO clinical studies possible.”

“The approval of FYARRO, the first approved drug for advanced malignant PEComa, an aggressive sarcoma with a poor prognosis and few treatment options, will provide physicians with a new weapon for treating patients with this rare disease,” added Andrew Wagner, M.D., Ph.D., a senior oncologist at Dana-Farber Cancer Institute and the Principal Investigator in the pivotal AMPECT registrational trial. “In our AMPECT trial, FYARRO demonstrated durable responses in mTOR inhibitor-naïve patients with locally advanced unresectable or metastatic PEComa, with an acceptable and manageable safety profile. This is a drug that will be welcomed by the physician community as the only approved therapeutic option for patients with advanced malignant PEComa.”

In the Phase 2 registrational AMPECT trial the overall response rate as assessed by independent review was 39% (12/31) with 2 patients achieving a Complete Response after prolonged follow up. The median duration of response has not been reached with a median follow-up of 36 months, and a range of 5.6 to 55.5+ months and ongoing. Among responders, 92% had a response lasting greater than or equal to 6 months; 67% had a response lasting greater than or equal to 12 months; and 58% had a response lasting greater than or equal to 2 years. As is the case with other therapeutics of the mTOR class, the FYARRO prescribing information includes warnings and precautions related to stomatitis, myelosuppression, infections, hypokalemia, hyperglycemia, interstitial lung disease, hemorrhage, and hypersensitivity reactions. Grade 3 non-hematologic events occurring in more than 10% of patients included stomatitis, rash, fatigue and infections. Grade 3 laboratory abnormalities occurring in more than 10% of patients that worsened from baseline included lymphocytopenia, increased glucose, and decreased potassium. For detailed important safety information, please see below.

Brendan Delaney, Chief Operating Officer of Aadi, added, “We have built a strong commercial team and devised a thoughtful strategy in preparation for FYARRO’s launch. With FYARRO’s demonstrated clinical profile we believe it will become a standard of care for advanced malignant PEComa. We look forward to engaging with physicians to educate the market about this new treatment.”

Robert G. Maki, M.D., Ph.D., Clinical Director of the Sarcoma Program, and Professor of Medicine at the University of Pennsylvania, added, “Patients living with locally advanced or metastatic PEComa are in urgent need of new treatment options. The approval of FYARRO is a significant advancement for treating patients with this disease. Treating sarcoma patients in my practice, I have seen the need for a therapy that addresses the specific molecular alterations of advanced malignant PEComa. I am encouraged that FYARRO provided a clinically meaningful benefit in overall response rate, with some patients responding for up to several years. I am pleased to have FYARRO as a new therapeutic option to offer my advanced malignant PEComa patients.”

Aadi will hold a conference call and webcast to discuss today’s announcement, Tuesday, November 23, 2021 at 8:30 a.m. ET.

Investor conference call information:

A listen-in only webcast of the conference call with corresponding slides can be accessed via Aadi’s website, within the Investors & News/Events & Presentations section. A replay of the webcast can also be accessed at this link.

Dial-in only information:

Investors, U.S.: 877-407-9716 
Investors, non-U.S.: 201-493-6779 
Conference ID: 13725222 

About Malignant PEComa

Advanced malignant PEComa, defined by the World Health Organization as ‘mesenchymal tumors composed of distinctive cells that show a focal association with blood-vessel walls and usually express both melanocytic and smooth muscle markers,’ are a rare subset of soft-tissue sarcomas, with an undefined cell of origin. While there is no formal epidemiology for malignant PEComa, it is estimated that there are about 100-300 new patients per year in the United States. Malignant PEComas may arise in almost any body site (typically the uterus, retroperitoneum, lung, kidney, liver, genitourinary, and gastrointestinal tract with a female predominance) and can have an aggressive clinical course including distant metastases and ultimately death. The estimated prognosis based on retrospective reports is 12-16 months. Cytotoxic chemotherapies typically used for sarcoma show minimal benefit and there are currently no drugs approved for this disease. Malignant PEComas have been shown to frequently harbor mutations in the TSC1 and/or TSC2 genes that result in the activation of mTOR pathway making it a rational therapeutic target for this disease.

About FYARRO™

FYARRO is an mTOR inhibitor indicated for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa).

Important Safety Information

Contraindication

FYARRO is contraindicated in patients with a history of severe hypersensitivity to sirolimus, other rapamycin derivatives, or albumin.

Warnings and Precautions

Stomatitis

Stomatitis, including mouth ulcers and oral mucositis, occurred in 79% of patients treated with FYARRO, including 18% Grade 3. Stomatitis was most often first reported within 8 weeks of treatment. Based on the severity of the adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Myelosuppression

FYARRO can cause myelosuppression including anemia, thrombocytopenia and neutropenia. Anemia occurred in 68% of patients; 6% were Grade 3. Thrombocytopenia and neutropenia occurred in 35% of patients each. Obtain blood counts at baseline and every 2 months for the first year of treatment and every 3 months thereafter, or more frequently if clinically indicated. Based on the severity of the adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Infections

FYARRO can cause infections. Infections such as urinary tract infections (UTI), upper respiratory tract infections and sinusitis occurred in 59% of patients. Grade 3 infections occurred in 12% of patients, including a single case each of a UTI, pneumonia, skin, and abdominal infections. Monitor patients for infections, including opportunistic infections. Based on the severity of the adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Hypokalemia

FYARRO can cause hypokalemia. Hypokalemia occurred in 44% of patients including 12% Grade 3 events. Monitor potassium levels prior to starting FYARRO and implement potassium supplementation as medically indicated. Based on the severity of the adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Hyperglycemia

FYARRO can cause hyperglycemia. Hyperglycemia occurred in 12% of patients treated with FYARRO, all of which were Grade 3 events. Monitor fasting serum glucose prior to starting FYARRO. During treatment, monitor serum glucose every 3 months in non-diabetic patients, or as clinically indicated. Monitor serum glucose more frequently in diabetic patients. Based on the severity of the adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Interstitial Lung Disease / Non-Infectious Pneumonitis

FYARRO can cause interstitial lung disease (ILD) / non-infectious pneumonitis. ILD / non-infectious pneumonitis occurred in 18% of patients treated with FYARRO, of which all were Grades 1 and 2. Based on the severity of the adverse reaction, withhold, reduce the dose, or permanently discontinue FYARRO.

Hemorrhage

FYARRO can cause serious and sometimes fatal hemorrhage. Hemorrhage occurred in 24% of patients treated with FYARRO, including Grade 3 and Grade 5 events in 2.9% of patients each. Monitor patients for signs and symptoms of hemorrhage. Based on the severity of adverse reaction, withhold, resume at reduced dose, or permanently discontinue FYARRO.

Hypersensitivity Reactions

FYARRO can cause hypersensitivity reactions. Hypersensitivity reactions, including anaphylaxis, angioedema, exfoliative dermatitis, and hypersensitivity vasculitis have been observed with administration of the oral formulation of sirolimus. Hypersensitivity reactions including anaphylaxis have been observed with human albumin administration. Monitor patients closely for signs and symptoms of infusion reactions during and following each FYARRO infusion in a setting where cardiopulmonary resuscitation medication and equipment are available. Monitor patients for at least 2 hours after the first infusion and as clinically needed for each subsequent infusion. Reduce the rate, interrupt infusion, or permanently discontinue FYARRO based on severity and institute appropriate medical management as needed.

Embryo-Fetal Toxicity

Based on animal studies and the mechanism of action, FYARRO can cause fetal harm when administered to a pregnant woman. In animal studies, mTOR inhibitors caused embryo-fetal toxicity when administered during the period of organogenesis at maternal exposures that were equal to or less than human exposures at the recommended lowest starting dose. Advise pregnant women of the potential risk to a fetus. Advise females of reproductive potential to avoid becoming pregnant and to use effective contraception while using FYARRO and for 12 weeks after the last dose.

Male Infertility

Azoospermia or oligospermia may be observed in patients treated with FYARRO. FYARRO is an anti-proliferative drug and affects rapidly dividing cells such as germ cells.

Immunizations and Risks Associated with Live Vaccines

No studies in conjunction with immunization have been conducted with FYARRO. Immunization during FYARRO treatment may be ineffective. Update immunizations according to immunization guidelines prior to initiating FYARRO, if possible. Immunization with live vaccines is not recommended during treatment and avoid close contact with those who have received live vaccines while on FYARRO. The interval between live vaccinations and initiation of FYARRO should be in accordance with current vaccination guidelines for patients on immunosuppressive therapies.

Risk of Transmission of Infectious Agents with Human Albumin

FYARRO contains human albumin, a derivative of human blood. Human albumin carries only a remote risk of transmission of viral diseases because of effective donor screening and product manufacturing processes. A theoretical risk for transmission of Creutzfeldt-Jakob Disease (CJD) also is considered extremely remote. No cases of transmission of viral diseases or CJD have ever been associated with albumin.

Adverse Reactions

Adverse Reactions in PEComa

The most common adverse reactions (≥30%) were stomatitis in 27 (79%) patients; fatigue and rash in 23 (68%) patients each; infection in 20 (59%) patients; nausea and edema in 17 (50%) patients each; diarrhea, musculoskeletal pain and decreased weight in 16 (47%) patients each; decreased appetite in 15 (44%) patients; cough in 12 (35%) patients; and vomiting and dysgeusia in 11 (32%) patients each.

Laboratory Abnormalities in PEComa

The most common Grade 3 to 4 laboratory abnormalities (≥6%) were decreased lymphocytes in 7 (21%) patients; increased glucose and decreased potassium in 4 (12%) patients each; decreased phosphate in 3 (9%) patients; and decreased hemoglobin and increased lipase in 2 (6%) patients each.

Dosage interruptions

Dose interruptions of FYARRO due to an adverse reaction occurred in 22 (65%) patients. Adverse reactions which required dosage interruption in >5% of patients included stomatitis in 6 (18%) patients, pneumonitis in 5 (15%) patients, anemia in 3 (9%) patients, and dehydration, dermatitis acneiform, and thrombocytopenia in 2 (6%) patients each.

Dose reduction

Dose reductions of FYARRO due to an adverse reaction occurred in 12 (35%) patients. Adverse reactions which required dose reductions in >5% of patients included stomatitis and pneumonitis in 3 (9%) patients each.

Drug Interactions

Reduce the dosage of FYARRO to 56 mg/m2 when used concomitantly with a moderate or weak cytochrome P-450 3A4 (CYP3A4) inhibitor. Avoid concomitant use with drugs that are strong CYP3A4 and/or P-glycoprotein (P-gp) inhibitors and inducers and with grapefruit and grapefruit juice.

Use in Specific Populations

Pregnancy

Based on the mechanism of action and findings in animals, FYARRO can cause fetal harm when administered to a pregnant woman. Advise females of the potential risk to a fetus and to avoid becoming pregnant while receiving FYARRO.

Lactation

Sirolimus is present in the milk of lactating rats. There is potential for serious adverse effects from sirolimus in breastfed infants based on mechanism of action. Because of the potential for serious adverse reactions in breastfed infants from FYARRO, advise women not to breastfeed during treatment with FYARRO and for 2 weeks after the last dose.

Females and Males of Reproductive Potential

FYARRO can cause fetal harm when administered to a pregnant woman. Verify the pregnancy status of females of reproductive potential prior to starting treatment with FYARRO. Advise females of reproductive potential to use effective contraception and avoid becoming pregnant during treatment with and for at least twelve weeks after the last dose of FYARRO. Advise males with female partners of reproductive potential to use effective contraception and avoid fathering a child during treatment with FYARRO and for at least twelve weeks after the last dose of FYARRO. Although there are no data on the impact of FYARRO on fertility, based on available clinical findings with oral formulation of sirolimus and findings in animals, male and female fertility may be compromised by the treatment with FYARRO.

Pediatric

The safety and effectiveness of FYARRO in pediatric patients have not been established.

Geriatric Use

Of the 34 patients treated with FYARRO, 44% were 65 years of age and older, and 6% were 75 years of age and older. Clinical studies of FYARRO did not include sufficient numbers of patients aged 65 and over to determine whether they respond differently from younger patients.

Hepatic Impairment

FYARRO is not recommended for use in patients with severe hepatic impairment. Reduce FYARRO dosage in patients with mild or moderate hepatic impairment.

Full prescribing information can be found here.

About Aadi Bioscience

Aadi is a commercial-stage biopharmaceutical company focused on precision therapies for genetically-defined cancers. Aadi’s primary goal is to bring transformational therapies to cancer patients with mTOR pathway driver alterations where other mTOR inhibitors have not or cannot be effectively exploited due to problems of pharmacology, effective drug delivery, safety, or effective targeting to the disease site. In November 2021, Aadi received FDA approval for FYARRO for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa). FYARRO is an mTOR inhibitor bound to human albumin that has demonstrated significantly higher tumor accumulation, greater mTOR target suppression, and increased tumor growth inhibition over other mTOR inhibitors in preclinical models.

Based on data from the AMPECT trial with FYARRO and following discussions with the FDA about other emerging data with FYARRO, Aadi plans to initiate a tumor-agnostic registrational trial in mTOR inhibitor-naïve solid tumors harboring TSC1 or TSC2 inactivating alterations by the end of 2021 or early 2022. Aadi also has ongoing studies to evaluate dosing of FYARRO in combination regimens. More information on Aadi’s development pipeline is available on the Aadi website at www.aadibio.com.

Forward-Looking Statements

Aadi cautions you that certain statements included in this press release that are not a description of historical facts are forward-looking statements. These statements are based on Aadi’s current beliefs and expectations. Forward-looking statements include statements regarding: our plans and potential for success relating to commercializing FYARRO, the expectations regarding the beneficial characteristics, safety, efficacy and therapeutic effects of FYARRO, our plans related to further development and manufacturing of FYARRO, the timing of additional clinical trials, including the registrational trial in patients harboring TSC1 and TSC2 inactivating alterations whose initiation is expected by the end of 2021 or early 2022, the timing or likelihood of regulatory filings and approvals of FYARRO, including in potential additional indications for FYARRO and potential filings in additional jurisdictions, anticipated reception of FYARRO in the physician community, and the sufficiency of our existing capital resources to fund our future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Aadi’s ability to successfully commercialize, including the timing of a commercial launch of FYARRO in advanced malignant PEComa; uncertainties associated with the clinical development and regulatory approval of FYARRO, including potential delays in the commencement, enrollment and completion of clinical trials for additional indications; the risk that interim results of clinical trials may not be reproduced and do not necessarily predict final results; the risk that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; the risk that unforeseen adverse reactions or side effects may occur in the course of commercializing, developing and testing FYARRO; risks associated with the failure to realize any value from FYARRO in light of inherent risks and difficulties involved in successfully bringing product candidates to market; risks related to Aadi’s estimates regarding future expenses, capital requirements and need for additional financing; and risks related to the impact of the COVID-19 outbreak on Aadi’s operations, the biotechnology industry and the economy generally.

Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in Aadi’s reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov.

All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

FYARRO™ is a trademark of Aadi Bioscience, Inc.

Contacts


Investors:

Irina Koffler

LifeSci Advisors LLC

[email protected]


Media:

Darren Opland, Ph.D.

LifeSci Communications

[email protected]